EU Energy Pricing Trends - 30 Apr. 2021

EU Power Pricing Trends | 30 April 2021

Carbon set yet another record in it’s fifth straight week of gains, with the market squeezed higher as continued speculative interest coincided with the April-21 compliance deadline. The bullish carbon market dynamic helped, once more, to drive 2022 calendar year power contacts higher. Additionally, European average temperatures remained well below the seasonal average last week, while renewable generation remained muted which reinforced the bullish narrative. Meanwhile, in the Nordics, where power is generated predominantly by hydro, low reservoir levels sparked considerable support for power prices.

EU Natural Gas Pricing Trends | 30 April 2021

Low European gas storage levels, that now sit markedly below the 5-year average, drove European gas benchmarks higher last week. The perception of lower available stores come the winter helped lift 2022 calendar year contracts higher, while the expectation of comparatively higher gas demand for storage reinjection over the next few months provided support to shorter-dated contracts. Stable flows from Norway helped abate some of the upside pressure but a worsening outlook for LNG deliveries, on the account of rising Asian LNG spot prices, lent additional price support.

EU Energy Complex | 30 April 2021

The European energy market continued to trade in contradiction to the area’s economic performance. Despite an improvement in Europe’s vaccination effort, the rectification came too late to reverse the economic damage inflicted by the tighter travel and trade restrictions experienced – with the Euro area entering a double-dip recession in Q1. Instead,and in spite of poor economic data, carbon’s relentless rally and historically low European gas storage levels continued to underpin the bullish energy market dynamic.

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